African mobile towers operator Helios Towers plans to list on the London Stock Exchange in early April, it said on Friday, with an expected valuation of about 2 billion pounds ($2.75 billion).
Helios is the third African mobile towers business scheduled to float in 2018, with IHS Towers and Eaton Towers also preparing for listings to fund infrastructure investment as economic growth in Africa drives increased use of smartphones and demand for data.
“The demographics and growth prospects of the countries we serve are compelling and, with our well invested towers base, we can continue to meet the needs of mobile network operators,” said CEO Kash Pandya, adding that this will boost margins and top-line growth.
The company, which raised $600 million through a bond issue last year, also filed for a secondary listing on the Johannesburg Stock Exchange (JSE).
Helios Towers owns about 6,600 telecoms towers in Ghana, Tanzania, Congo Brazzaville and the Democratic Republic of Congo.
It is owned by telecoms companies Millicom and Bharti Airtel and hedge funds including Soros Fund Management and Rothschild Investment Trust Capital Partners.
In 2017 it reported core profit of $146 million on revenue of $345 million, with net debt up 57 percent at $595.2 million. ($1 = 0.7261 pounds)
Reporting by Clara Denina; Editing by David Goodman London (Reuters)
French energy company Total said it acquired a 16.33 percent stake in Libya’s Waha concessions from Marathon Petroleum in a $450 million transaction. Waha Oil Company is a subsidiary of Libya’s state-owned National Oil Corp (NOC) and currently produces 300,000 barrels of oil equivalent per day (boe/d). That is expected to rise to 400,000 boe/d by the end of the decade, Total said.
“This acquisition is in line with Total’s strategy to reinforce its portfolio with high quality and low-technical cost assets whilst bolstering our historic strength in the Middle East and North Africa region,” Total CEO Patrick Pouyanne said.
Other Waha stakeholders include NOC with 59.18 percent, ConocoPhillips with 16.33 percent and Hess with 8.16 percent.
Total’s share of Libyan production stood at 31,500 boe/d in 2017 from its concessions in the offshore Al Jurf field and the onshore Sharara field.
Reporting by Ahmad Ghaddar; editing by Jason Neely (Reuters)